“This move to cashless branches reflects Citi's commitment to digital banking and we are investing in the channels our customers prefer to use."

A survey by local bank Westpac in September further highlighted what is apparently a public inclination to eradicate cash transactions. It found that: “79 percent of Australians agree that a cashless society makes total sense.”

Clutching at straws?

Criticism of cash retirement is often heard within disruptive technology circles; banks reeling in paper means more control over costs and money supply, as well as greater surveillance of citizens’ transactions.

At the same time, reducing cash is considered an almost impossible task in economies such as India, where the vast majority of the population is unbanked and relies on cash or perhaps, in the future, mobile-based Bitcoin microtransactions.

As another case in point, Venezuela’s decision this week to limit ATM withdrawals to the equivalent of just $5, highlights the desperate attempts of government to control the uncontrollable.

Like India, the country’s economic woes have caused a spike in Bitcoin interest, with exchange rates showing consumers ready to purchase at a premium. Local news resource Diario Bitcoin notes that the rate on Venezuelan exchange, SurBitcoin, is hovering around $875 - over 15 percent higher than average market rates.